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Buy-now-pay-later had record Cyber Monday, but that was just gravy for Minneapolis-based Sezzle

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Buy-now-pay-later had record Cyber Monday, but that was just gravy for Minneapolis-based Sezzle


Here is what Youakim said, edited for length and clarity, about the company’s approach to growth and the holiday shopping season.

It was a good holiday season. Fourth quarter is always our biggest quarter, in terms of volume.

[But] this is a dynamic that people don’t understand about our business: If a customer fails to make a payment to us, we don’t allow them to make another purchase, and that’s completely opposite of a credit card, in my mind.

There’s a totally different approach to the holiday season between Sezzle, buy-now-pay-later and credit cards. We want to stop people from overspending. We want, of course, to help you in your holiday season, but we’re also actively trying to stop you from overspending. We might pull back limits in some cases. If a customer overspends too much and then fails to pay us, there’s always a percentage chance that some of those customers don’t want to pay us back at all ever. And we lose a customer.

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What is Sezzle doing to safeguard against the financial risk of short-term lending?

Some of it’s a little bit inherent in the product. Because the product itself, even though it’s short term and smaller dollar, it’s high frequency, and if the consumer fails to make a payment, they can’t make another purchase. So we tend to be top of their repayment stack because they don’t want to lose the utility of the product. We do a little bit of pullback [of credit limits] in the holidays, which plays into that, as well.

Those new products — Premium, Anywhere, On Demand — those are all fast-rising products that are built to capture more demand. We already know Premium and Anywhere are there. On Demand, we’re learning about — is it the next killer product for us? And the more of these products where you kind of hit the nail on the head for customer demand, the more likely you gain market share.



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Minneapolis, MN

Minneapolis Ranked Among U.S. Cities With The Most People In Financial Distress

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Minneapolis Ranked Among U.S. Cities With The Most People In Financial Distress


MINNEAPOLIS — Minneapolis is ranked among the American cities with the most people in financial distress nationwide, according to a recent analysis by WalletHub.

The personal finance website, which defines financial distress as having a credit account in forbearance or with deferred payments, looked at the country’s 100 largest cities without data limitations across nine metrics, including average credit score, change in bankruptcy filings year-over-year, and share of people with accounts in distress.

Minneapolis came in 44th on the list, between Stockton, California, at 43rd and Fresno, California, at 45th, according to the ranking.

Nationwide, the cities with the most people in financial distress were Chicago at No. 1, Houston at No. 2 and Las Vegas at No. 3, the ranking said.

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“Getting out of the downward spiral of financial distress is no easy feat,” according to WalletHub analyst Chip Lupo.

“You may get temporary relief from your lenders by not having to make payments, but all the while interest will keep building up, making the debt even harder to pay off. People who find themselves in financial distress should budget carefully, cut non-essential expenses, and pursue strategies like debt consolidation or debt management to get their situation under control.”

Read more from WalletHub.





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Minneapolis, MN

Whitefish council creates proclamation in solidarity with city, citizens of Minneapolis

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Whitefish council creates proclamation in solidarity with city, citizens of Minneapolis


The Whitefish City Council in February presented and signed a proclamation expressing solidarity with the city and citizens of Minneapolis.

The proclamation states that Whitefish mourns the loss of life that occurred in Minneapolis and stands in solidarity with its residents.

It reaffirms the city’s commitment to equal treatment under the law and emphasizes that peaceful protest is a fundamental American right.

The proclamation was supported by five of the six council members.

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Mayor John Muhlfeld said the action was meant to reaffirm the city’s values.

“A mayoral proclamation that is supported by five of six City Council members supporting solidarity with the city and citizens of Minneapolis, Minnesota, and reaffirming our supportive, just, equal and welcoming community,” Muhlfeld said. “I think this is somewhat overdue. Our town’s been through a lot over the years, This is more importantly to reaffirm our values as a council with our community because we care deeply about you.”

Over the last year, Whitefish has faced criticism amid rising tensions surrounding the Department of Homeland Security.

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View the full proclamation below.



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Minneapolis, MN

City officials report less speeding at corners with traffic cameras in Minneapolis

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City officials report less speeding at corners with traffic cameras in Minneapolis


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